Seattle Funding Group of California is still funding residential construction loans, spec or otherwise, when the fundamentals are right and the basis for the construction decision is sound. In this case, the property was located west of I-5, very near the water and Oceanside’s still active redevelopment area.
The core reasons for making the loan seemed valid at the time (don’t they always!), but unfortunately, this loan was made before the melt-down and became a casualty of the downdraft. SFG’s Construction Manager stepped in, engaged the building professionals necessary to complete the construction and worked closely with the SFG of CA branch throughout the process. Once completed, and after a slow start on marketing, SFG of CA engaged Mark Hoiseth and Homebuilder’s Marketing to sell the finished product. Mark and his Team performed beyond our expectations, and we offer our thanks to Mark, Teresa and all who helped bring this process (of completion, marketing & resale) to a satisfactory conclusion.
